|GBP/USD : Back on its major resistance at 1.5643|
|The British Pound strongly appreciated against the US Dollar. The bullish rally allowed the price to go out of its h4 bearish channel and also to made a return above the major resistance at 1.5643.|
Although a pullback on 1.56 stay possible if the fibonacci retracement 38.20% at 1.5663 give resistance, we expect a pursuit of the bullish movement. The breakout of 1.5663 will open the way to a new bullish wave towards 1.5750 and 1.5785 (level 50%) in extension.
We are bullish as far as 1.5572 is support. In case of return below this level, we will be neutral between 1.5572 and 1.5512.
Update the 07/20 - After a pullback on 1.56, the bullish trend took up and the breakout of 1.5663 (level 38.20%) gave us a new buy signal. We expect a pursuit of the bullish movement towards 1.5770 and 1.5784 (level 50%). This scenario is reinforced by a bullish channel in h1. The breakout of 1.5784 will give a new buy signal. We stay bullish as far as 1.5643 is support. In case of breakout, we will be neutral between this level and 1.56.
|Complete sheet of the pair GBP/USD - Previous GBP/USD Analysis|
Chart of the pair GBP/USD - Timeframe 4H
Chart of the pair GBP/USD - Timeframe 1H
GBP/USD Live Chart - Timeframe : 4h